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The decision to move into a retirement village is never an easy one. It is not uncommon for clients to sell their family home to pay the ingoing contribution or the purchase price at a retirement village of their choice.
We take a practical and measured approach with clients who are contemplating a move into a retirement village. It is important that clients obtain legal advice on the retirement village contract, as there are many different structures of retirement village contracts, which are governed by each state and territory’s own retirement village legislation.
Legal advice on these contracts can ensure clients fully understand their rights, financial obligations and other commitments that will arise under a retirement village contract. It can also have the added benefit of understanding, where a client is looking to sell their family home, what timelines they can commit to before they move into a retirement village.
We can also assist with the management of the settlement process, to ensure a seamless transition if you are, for instance, selling your family home and using the proceeds of that sale to pay into a retirement village.
If you would like assistance with a retirement village contract, please contact us.